It’s OK to be average

If they haven’t already, homeowners will be finding this year’s notice from BC Assessment in their mailboxes any day now.

If they haven’t already, homeowners will be finding this year’s notice from BC Assessment in their mailboxes any day now.

It’s an annual rite for many of us, fraught with trepidation and perhaps celebration as most find their property values have continued to increase at a pace greater than inflation.

There aren’t many people who want to see their home decrease in value.

Increases in the 2015 assessments in the Gold Pan City have been modest, as they have across the region.

How do these increases impact a homeowner’s property tax bill?

If a homeowner’s increase is near the average increase for residential properties, they will only see their property tax increase in line with whatever the city increase has been pegged at this year.

This typically comes in at less than five per cent, and must be determined before May 15.

City Hall adjusts the mill rate, by which property tax is calculated, to account for the increase in total value of property city-wide.

If the average property increased in value by 6.8 per cent, for instance, but yours went up 12 per cent, there’s a good chance your tax bill will increase more than city council’s annual tax rate increase.

If it went up by only 2 per cent, or decreased, you may experience only a small increase, or nothing at all.

So, while it’s nice to see one’s property value increase each year, in investment terms, there’s no harm in being average.

–Black Press

 

 

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